Capital at risk

Investment Trust

Baillie Gifford US Growth Trust

Investing in exceptional US growth companies, whether public or private, for the long term (5+ years). By investing in transformative US businesses, the Company aims to capture the immense potential of structural change taking place in a nation obsessed with innovation and entrepreneurialism.

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Overview

ISIN

GB00BDFGHW41

SEDOL

BDFGHW4

Investment proposition

The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment. We are bottom-up, growth investors with a long-term horizon. The portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 companies or funds, typically with 30 or more listed security holdings. The team aims to deliver outstanding investment performance by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their valuations. We have observed that, increasingly, companies in the US are choosing to remain private for longer, and as such the public equity markets do not offer the full spectrum of growth investment opportunity that we have previously enjoyed. The Trust’s ability to invest up to 50% of NAV in private companies at the time of purchase gives us the flexibility to invest in what we believe are the exceptional growth companies in the US, whatever their listed status. We take a five-year view when investing in stocks and are not driven by short-term trends.

Share price and charges

Price

365.00p

NAV at fair

333.31p

Premium (+) or discount (-) at fair

9.5%

Ongoing charges*

0.72%

Fund facts

Active share

80%*

Fund launch date

2018

AIC Investment Sector

North America

Benchmark

S&P 500 Index

*Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.

Baillie Gifford believes that exceptional growth companies are the major drivers of market wealth creation.

Meet the managers

Meet the directors

Intermediary client contacts

If you’d like further information, please get in touch with the Intermediary Client Contact for your area.

Ratings

As at: 31 March 2026

Rayner Spencer Mills Research Rated Fund

Rayner Spencer Mills Research Rated Fund - Investment Trust

Regulatory news announcements

Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.

US Growth Trust announcements

The Association of Investment Companies

Further information on investment trusts and the investment trust sector can be found on The Association of Investment Companies website.

Visit the website

Risk Warnings

Risk Introduction

The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested. The specific risks associated with the Trust include:

Currency

The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

Private Companies

Unlisted investments such as private companies, in which the Trust has a significant investment, can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater. If a private company's value increases significantly it may become a large part of the portfolio. This increases investment risk because of the greater impact of a fall in its value.

Gearing

The Trust can borrow money to make further investments (sometimes known as "gearing" or "leverage"). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.

Liquidity

Values for securities which are difficult to trade such as private companies may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.

Derivatives

The Trust can make use of derivatives which may impact on its performance.

Smaller Companies

Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.

Single Country

The Trust's exposure to a single market and currency may increase risk.

Premium Risk

Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Trust may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount.

Buy-backs

The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.

Unlikely Income

The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.

Regulation of Investment Trusts

The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

Index disclaimer

The S&P 500, S&P Global SmallCap and Dow Jones Islamic Market World (index) are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Baillie Gifford & Co. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500, S&P Global Small Cap and Dow Jones Islamic Market World Index.

Important information

Your location indicates you are based in Jersey and you have confirmed that you are an intermediary. The information in the website is not intended for retail investors. Please select “Change” at the top of the page if this is not suitable for you.

This website is informative only and the information provided should not be considered as investment or other advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic Performance

As at: 30 April 2026

1 Year
3 Years
5 Years
Since Inception
Share Price
44.6%
136.4%
-2.4%
220.9%
NAV
29.1%
83.3%
1.8%
223.0%
Index*
28.8%
66.7%
88.9%
230.5%

Discrete Performance

As at: 31 March 2026

31/03/2021 –
31/03/2022
31/03/2022 –
31/03/2023
31/03/2023 –
31/03/2024
31/03/2024 –
31/03/2025
31/03/2025 –
31/03/2026
Share Price
-19.9%
-42.3%
42.3%
9.2%
27.7%
NAV
-17.0%
-25.7%
23.9%
10.3%
20.1%
Index*
21.2%
-1.7%
27.1%
5.9%
15.3%

Performance

As at: 30 April 2026

View by date range:

Source: Morningstar, S&P.

Performance figures appear in GBP. Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.

Benchmark data is limited to a 5 year period from the current date.

The graph has been rebased to 100.

 

Discount/premium history at fair

As at: 30 April 2026

View by date range:

Source: Morningstar. Premium/Discount of share price to NAV at fair.

If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.

If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at a Premium.

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 30 April 2026

#Holding% of total assets
1Space Exploration Technologies13.8%
2Stripe7.9%
3Anthropic7.5%
4NVIDIA6.7%
5Amazon.com5.2%
6Databricks2.9%
7Meta Platforms2.9%
8Cloudflare2.8%
9BillionToOne2.5%
10Shopify2.4%

We publish our full portfolio with an intentional delay to protect the company’s intellectual property.

Sector analysis of total assets

All figures up to: 30 April 2026

Total: 100%

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 18 of 18
  1. SpaceX: pre IPO briefing note

    An update on our SpaceX holding amid IPO speculation.
    May 2026
    Article3 minutes
  2. Driving down a highway in the fall through the Rocky Mountains

    US Perspectives: notes from the road

    From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.
    May 2026
    Article4
  3. AI agents: why 2025 rewrote the AI timeline

    The step change that means AI will have a larger impact on the economy much sooner than expected.
    May 2026
    ArticleLong read
  4. Hikers on a winding trail beneath hazy peaks, reflecting uncertainty and resilience in volatile markets.

    US Perspectives: fear, fundamentals and fortitude

    Why indiscriminate market selling may be obscuring resilient company fundamentals.
    April 2026
    Article6
  5. Silhouetted construction workers and excavator at building site, sun halo flaring behind scaffolding

    US Perspectives: AI-immunity and The Acronym Fallacy

    How ‘AI-immune’ businesses compound beyond market acronyms.
    March 2026
    Article6
  6. alt="Side-view MRI scan of a human head, showing detailed cross-section of the brain against a navy background"

    AI is coming for your mind

    AI is reshaping human cognition. What does that mean for workers, companies and society?
    March 2026
    ArticleLong read
  7. Person typing on laptop as colourful AI data streams flow into binary digits.

    US Perspectives: is AI eating software?

    Breaking down where software value shifts when AI writes code.
    February 2026
    Article6
  8. Close-up view of the Brooklyn Bridge's criss-crossed steel suspension cables under sunset skies.

    US Perspectives: what really matters?

    A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
    January 2026
    Article8
  9. The Long View

    Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
    January 2026
    External link
  10. The world is about to get ‘weird’

    Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
    December 2025
    ArticleLong read
  11. US Perspectives: are we in an AI bubble?

    Real growth or market mania — how can we tell the difference?
    November 2025
    Article6 minutes
  12. Fragmenting systems, cultural change

    US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
    October 2025
    ArticleLong read
  13. US Perspectives: AI breaks the internet

    AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
    October 2025
    Article6 minutes
  14. Lights, camera, AI

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  15. US Perspectives: things are getting weird, quickly

    An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
    September 2025
    Article8 minutes
  16. Cultural architects

    How great founders shape exceptional companies in changing times.
    August 2025
    Article8 minutes
  17. US Perspectives: stablecoin summer

    Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
    July 2025
    Article8 minutes
  18. US Perspectives: infrastructure, the invisible opportunity

    A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
    June 2025
    Article7 minutes

The Long View

Explore three forces reshaping American business and what they mean for your investments: fragmentation, intelligence and culture.

  1. SpaceX: pre IPO briefing note

    An update on our SpaceX holding amid IPO speculation.
    May 2026
    Article3 minutes
  2. Driving down a highway in the fall through the Rocky Mountains

    US Perspectives: notes from the road

    From AI labs to SpaceX, the US Growth team looks for signals beyond desk research alone.
    May 2026
    Article4 minutes
  3. AI agents: why 2025 rewrote the AI timeline

    The step change that means AI will have a larger impact on the economy much sooner than expected.
    May 2026
    ArticleLong read
  4. Hikers on a winding trail beneath hazy peaks, reflecting uncertainty and resilience in volatile markets.

    US Perspectives: fear, fundamentals and fortitude

    Why indiscriminate market selling may be obscuring resilient company fundamentals.
    April 2026
    Article6 minutes
  5. Silhouetted construction workers and excavator at building site, sun halo flaring behind scaffolding

    US Perspectives: AI-immunity and The Acronym Fallacy

    How ‘AI-immune’ businesses compound beyond market acronyms.
    March 2026
    Article6 minutes
  6. alt="Side-view MRI scan of a human head, showing detailed cross-section of the brain against a navy background"

    AI is coming for your mind

    AI is reshaping human cognition. What does that mean for workers, companies and society?
    March 2026
    ArticleLong read
  7. Person typing on laptop as colourful AI data streams flow into binary digits.

    US Perspectives: is AI eating software?

    Breaking down where software value shifts when AI writes code.
    February 2026
    Article6 minutes
  8. Close-up view of the Brooklyn Bridge's criss-crossed steel suspension cables under sunset skies.

    US Perspectives: what really matters?

    A long-term view on what will drive compounding growth through fundamentals, digitisation, and AI-driven execution.
    January 2026
    Article8 minutes
  9. The Long View

    Introducing The Long View, articles by our US Equities Team exploring what matters most to optimistic, long-term investors.
    January 2026
    External link
  10. The world is about to get ‘weird’

    Why avoiding US growth stocks is perilous: AI infrastructure, asymmetric returns and the paradigm shift.
    December 2025
    ArticleLong read
  11. US Perspectives: are we in an AI bubble?

    Real growth or market mania — how can we tell the difference?
    November 2025
    Article6 minutes
  12. Fragmenting systems, cultural change

    US culture is becoming chaotic, wreaking havoc for many but creating opportunities for certain types of businesses.
    October 2025
    ArticleLong read
  13. US Perspectives: AI breaks the internet

    AI shifts search to instant answers. Explore pay-per-crawl, provenance and guardrails reshaping the internet.
    October 2025
    Article6 minutes
  14. Lights, camera, AI

    From storyboard to final cut, Runway is changing how films get made.
    September 2025
    Article5 minutes
  15. US Perspectives: things are getting weird, quickly

    An oar in one hand, a global studio in the other – that’s today’s frontier. What if the weirdness is the signal, and the opportunity?
    September 2025
    Article8 minutes
  16. Cultural architects

    How great founders shape exceptional companies in changing times.
    August 2025
    Article8 minutes
  17. US Perspectives: stablecoin summer

    Discover how stablecoins, boosted by new US legislation, could transform global finance and unlock long-term growth.
    July 2025
    Article8 minutes
  18. US Perspectives: infrastructure, the invisible opportunity

    A look at the long-term shifts in US infrastructure and the businesses poised to benefit from its rebuild.
    June 2025
    Article7 minutes

Contact us

Still have a question?  Please get in touch with us.

AGM and voting

When you invest in an investment trust you become a shareholder and have a say on how the Company is run.  You also have a right to attend the Company's annual general meeting (AGM).

How to vote

The following link will take you through to The Association of Investment Trusts' (AIC) website where there is information on how to vote your shares if you hold them via one of the major platforms.

How to attend the AGM

If you hold your shares through a platform, it is not always obvious how to attend an AGM. The following link will take you through to The Association of Investment Trusts’ (AIC) website where there is information on how your platform can help you attend this important shareholder meeting.  If you do not see your provider listed, please contact your provider directly and ask them to assist.

Baillie Gifford US Growth Trust corporate calendar

Our corporate calendar provides details of the regulatory events that occur over the year. This includes dates for reports, results, dividend payments and the AGM.

Event Month (each year)
Final results announced August
Interim results announced January
Financial year end date 31 May
Annual general meeting September
Dividends payable N/A

AGM

US Growth Trust's annual general meeting (AGM) was held on Thursday 2 October 2025. You can read a summary of the results of the voting on AGM resolutions here.

View latest results

Voting

A breakdown of the votes cast by Baillie Gifford over the previous quarter on behalf of the investment trust is available in the Proxy voting disclosure.

View the disclosure

Registrar

Computershare Investor Services PLC maintains the share register on behalf of the Company. Queries regarding shares registered in your own name can be directed to:

Computershare Investor Service PLC, 
The Pavilions,
Bridgwater Road,
Bristol,
BS99 6ZZ

T: +44 (0)370 707 1711

Contact us

Still have a question?  Please get in touch with us.

Documents

You can access any literature about the Fund here.

To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

Contact us

Still have a question?  Please get in touch with us.